Loan
Mortgage Loan
Members can avail the loan facility by mortgaging their residential / commercial semi-urban / urban property (other than agricultural lands, open lands and plots) to meet business needs as well as personal expenditure. Loans against open plots and agricultural loans will be considered on merit basis.
At a glance
- Loan quantum: ₹1,00,000 to ₹20,00,000
- Up to 60% of market value of the property
- Repayment: 12 to 72 months (EMI)
- Pre-closure after 6 months with 2% penalty
Features & benefits
Clear process and documented security.
Property & security
- The property offered will be subject to legal scrutiny to ensure ownership / possession and marketability.
- Security shall be created by way of registered mortgage.
- Residential / commercial semi-urban / urban property (other than agricultural lands, open lands and plots).
Loan amount & repayment
- Quantum of loan: minimum ₹1,00,000 and maximum ₹20,00,000.
- Subject to 60% of the market value of the property.
- Repayable in equal monthly / quarterly instalments of 12 to 72 months (EMI).
- Pre-closure / prepayment after 6 months permitted with penalty of 2% of the pre-paid principal amount.
Income & guarantors
- Borrower should have enough regular / monthly cash flows to service loan instalments.
- Income proof shall be provided.
- Personal guarantors / sureties acceptable to the society with sufficient income, who are members of the society.
Talk to us
- We can guide you on documents and scrutiny process.
- Call: +91-8555932585
- Email: info@mahacooperative.com
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